Flipkart acquires eBay India

As widely speculated, India’s biggest e-commerce website Flipkart has acquired eBay India. The company announced this on Twitter. Flipkart has also raised $1.4 billion from Tencent, eBay and Microsoft. This is the biggest round of funding by an Indian internet company till date.

With this latest round of funding, Flipkart valuation has reached $11.6 billion and US software giant Microsoft joins the marketplace as a strategic investor. In exchange for an equity stake in Flipkart, US-based eBay will make a $500 million cash investment and sell its eBay.in business to the e-commerce major. Bengaluru-based Flipkart will own and operate eBay.in business once the transaction is closed, which is expected by the end of this year.